Amendment status not verified — confirm the current text below against the official source.
General effect of vestmg.-( I) The undertaking~ of the company shall be deemed to mclude- ' ) (a) all assets, right~, lease-holds, powers, authontles and pnvi\eges, and all property, movable and Immovable, mcluding lands, buildings, work- , shops, stores, instruments, machmery and eq lllpments, cash balances, cash on hand,' cheques, demand drafts, reserve funds, investments, book debts and all other nghts and.interests m, or arismg out of such property as were immediately before the appointed·day m the ownership, possessiOn, power or ·control of the Company; (b) all properties, rights and mterests of the Hmdustan China Clay Works purported to have been transfcJ red to the company by the Memoran- dum of Agreement made on the 2nd day of January, 1973, between the , Hindustan China Clay Works and the Company; and (c) all books of account, reg1steis and all other documents of what- ever nature relating to the undertakmgs mentwned m clauses (a) and (b). (2) Every mortgagee of any property which has vested under th1s Act in the Government and every person holdmg any charge, lien or other interest in, or m relation to, any such property shall g1ve, w1 thin such time and in such manner as may be prescnbed, an int1mat10n to the Commissioner of such mortgage, charge, hen or other mterest. • (3) For the removal of doubts, It Is hereby declared that the mortgagee of any property referred tom sub-section (2) or any <?ther person holdmg any charge, lien or other interest m, or m relatiOn to, any such property shall be entitled to claim, m accordance w1th hi~ rights and mterests, payment of the mortgage money or other dues, in whole or m part, from the Gdvernment or, where the undertakmgs or the company are directed under section 6 to vest in a Government Company, from that Government Company. (4) Any hcence or other. mstrument granted to the Company m relauon to any undertakmg wh1ch has vested m the Government under section 3 at any time before the appointed· d~y and in fore(! immed1ately before that . ' ' • t • 13 day shall continue to be inforce on and after such day in accordance with its tenor in relation to and for the purposes of such undertakmg, and, on and from the date of vestmg of such undertaking under section 6 m a Government Com'pany, such Government Company shalJibe deemed to be substituted in such . licence or other instrument as If such hcence or other instrument had been granted to ~uch GovCinment Company and that Government Company shall hold it for the remamder of the penod for which the Company would have held It under the terms thereof (5) If, on the appomtcd day, any suit, appeal or other proceeding of whatever nature m relatiOn to anv p1 operty which ha~ vested m the Govern- ment under sectiOn ) mstltuted or preferred by or against the Company, IS pcndmg, the same shall not abate, be discontmued or be, m any way, pre- judicially affected by reason of transfer of the undertak:ngs of the Company or of anythm~ contamed m thts Act, but the su!t, appeal or othc1 procecdtn{{ may be eontmu~d, prosecuted, or enforced by 01 agamst the Government, or where the undertakmgs of the company arc dtrceted, under sectton 6 to vest m a Government. Company, by or agamst the Government Company . . 5 Go;,emmmt not to be hable for wta!ll p11or habzhtzes -No habtlity In- curred by the Company befme the appointed d<1y, for the contravention of any provisiOn of law fm the time bcmg. m force, shall be enfot ccable agamst the Government, or, where the undcrtakmgs of the Company are directed uhder sectton 6, to vest m a Government Company. against th'at Government Company . •